4basebio AG announces process for spin-off and separate stock market listing for its DNA business
Following a strategic review, 4basebio AG announced on 17 August 2020 its intention to commence a process to spin off its whole operating business, namely the Genomics and DNA manufacturing business which includes 4basebio SLU and 4basebio Ltd.
Subject to an ongoing legal and tax review, a spin-off of the business into a separate company is intended which shall have its corporate seat in the UK and be listed on the Alternative Investment Market (AIM), a submarket of the London Stock Exchange market.
4basebio AG is considering retaining a significant minority stake in the new entity and distributing the remaining shares to its existing shareholders. As part of this process, 4basebio AG will ensure the spin-off is suitably capitalised from the existing cash of 4basebio AG.
The management board of 4basebio AG would join the board of the spin-off and assume responsibility for the day to day operation of this organisation.
As a result of the planed process, 4basebio AG would in addition to its participation in the new company still hold a significant cash position. The intention is to complete this core process by 31 December 2020.
The company will continue to keep its shareholders updated during of the spin-off by news updates along the process.